After Bitmain, Another Crypto Mining Company Bitfury Considers IPO
One of the largest non-Chinese cryptocurrency mining companies, Bitfury, is reportedly planning to expand its horizon including an Initial Public Offering (IPO), which could be Europe’s first major listing in the cryptocurrency industry.
According to a source, who choose to be anonymous, cited by Bloomberg reports, Bitfury is in talks with global investment banks in Amsterdam, London, and Hong Kong to explore their trading prospects. For its public offering, the European cryptocurrency mining company is exploring multiple avenues such as raising debt financing or selling a minority stake of its ownership.
If Bitfury chooses to go public within the next two years, it could seek a valuation ranging between $3 and $5 billion. These numbers can vary based on the market conditions along with the overall health/growth of the industry.
IPO’s of Mining Companies
Bitfury is not singular in considering an IPO option as 2018 observed many mining companies go public. In May, a Chinese company, Canaan Creative, known for their Avalon ASIC lineup, officially filed $1 billion in IPO funding with the Hong Kong Stock Exchange.
In July, Bitmain was reported to eye an IPO worth an astonishing $14 billion valuations. However, a set of leaked documents suggests that just about $105 million of the company’s assets were cash, while $1.17 billion were held in cryptocurrencies, raising concerns because of the overall state of the market in 2018.
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